DPC Holdings Reports Strong Second Quarter 2026 Results

Record Revenue and Adjusted EBITDA

Initiates Full Year 2026 Guidance

Second Quarter 2026 GAAP Financial Results

• Revenue of $269 million, up 34% year over year.
• Strong year-over-year growth of 39% in Engine Products, up 49% in Europe and 29% in North America, reflecting above market growth within Aero and IGT.
• Net loss of ($131) million, versus ($49) million in second quarter of 2025, largely due to the Management Incentive Plan accrual, IPO expenses and award of a new incentive share scheme.
• Earnings per share of ($1.14) versus ($0.44) in the second quarter of 2025.

Second Quarter 2026 Adjusted Financial Results

• Adjusted EBITDA of $48 million, up 33% year over year.
• Adjusted EBITDA margin of 17.8%.
• Segment adjusted EBITDA growth of 53% in Engine Products, up 54% in Europe and 52% in North America, due to higher volumes and value-based pricing.
• Segment adjusted EBITDA margin for Engine Products grew 210bps to 23.5%.
• Adjusted net income of $6 million versus a net loss of ($11) million in second quarter of 2025.
• Adjusted earnings per share of $0.05 versus ($0.10) in the second quarter of 2025.

Key Announcements

• IPO and private placement proceeds repaid the Shareholder PIK Loan and ABL facility during the quarter, resulting in an unleveraged balance sheet. Post quarter end, we have also repaid the majority of the term loan and all of the MIP with beneficiaries reinvesting and purchasing DPC Holdings stock.
• Fourth Strategic Customer Partnership signed with Aero OEM underpinning investment into a new superalloy facility in Alabama.
• Moody’s Ratings upgraded DPC Holdings credit rating to Ba2 with positive outlook on July, 28, 2026.

ST HELIER, Jersey--(BUSINESS WIRE)--DPC Holdings PLC (NYSE: DPC):

Summary Financial Results

DPC Holdings PLC (NYSE: DPC) (‘Doncasters’, ‘the Company’) reported financial results for the second quarter 2026. Doncasters reported record second quarter 2026 revenue of $269 million, up 34% year over year, driven by growth in the Aerospace and IGT end markets of 47% and 42% respectively. Within Engine Products, above market growth, product portfolio gains and metal cost inflation pass-through to customers led to combined revenue growth of 39% with 49% and 29% in Europe and North America respectively.

Adjusted EBITDA in the quarter grew 33% compared to the prior year’s quarter, with 53% growth from Engine Products, up 54% in Europe and 52% in North America. The adjusted EBITDA margin of 17.8% was broadly in-line with the prior year’s second quarter despite the impact of metal cost inflation pass-through which diluted the margin by 60 bps, higher corporate costs and increased loss from business held for sale. The segment adjusted EBITDA margin for Engine Products grew 210bps year over year to 23.5%, reflecting operating leverage from higher volumes and execution of value-based pricing.

Adjusted net income was $6 million, an improvement from the ($11) million loss of the prior year quarter due to improved profitability with adjusted earnings per share of $0.05 versus the prior year loss of ($0.10).

We had an adjusted net cash position of $274 million at June 28, 2026 (cash and cash equivalents of $846 million less borrowings of $573 million). Transaction adjusted net cash of $118 million reflects the inclusion of all the net proceeds of our IPO, greenshoe and private placements. Working capital increased due to ongoing investment to support growth and higher metal cost inflation pass-through. Investment continued in our operations to accommodate increased customer capacity requirements and our strategic customer partnerships.

Doncasters’ Chief Executive Officer Mike Quinn said, "Doncasters continues to deliver strong growth with record levels of revenue, adjusted EBITDA and ongoing adjusted EBITDA margin progression. We are transforming Doncasters from a supplier of individual components into a trusted strategic partner for our customers, evidenced by a growing portfolio of differentiated strategic customer partnerships. During the second quarter we signed a new partnership with an Aero OEM which included volume commitments to support the building of a new superalloy greenfield facility in Alabama. We now have four partnerships with Aero and IGT OEMs, which are expected to deliver more than $200 million of incremental annual revenue at an accretive margin, with customer-funded investment and volume commitments.

Full Year 2026 Outlook

"Looking forwards, we expect ongoing end market growth supported by strong structural long-term growth drivers and significant supply backlogs in our two major end markets of Aerospace and IGT. In Aerospace we expect rising global air travel, fuel efficiency prioritization, lagging aircraft deliveries, and aging fleets to drive multi-year demand for our engine components and other structural castings. In IGT, we expect increasing global electricity demand together with the need for grid reliability and energy security to drive the demand for gas turbines to support growing power needs.

"Our growth rate continues to exceed the market as we deliver material value creation through our specialist manufacturing capabilities and strong customer focus, which are driving larger portfolio-level awards, extended contracts with improved commercial terms and our strategic customer partnerships. We are also delivering margin improvement through operating leverage on higher volumes, improved operational execution and pricing. We believe that DPC Holdings is well positioned to deliver profitable growth and significant long-term value creation."

Full Year 2026 Guidance

Conference Call and Webcast

DPC Holdings will hold a conference call at 10:00 a.m. Eastern time on August 11, 2026 to discuss matters relating to this press release. This will be led by Chief Executive Officer, Mike Quinn, and Chief Financial Officer, David Egan. The call will be webcast via www.ir.doncasters.com. To participate, please register on https://events.q4inc.com/attendee/575045483.

A webcast replay will be available on the News and Events page of our investor relations website following the webcast.

Segment Performance

Engine Products - Europe

Gross segment revenue for the Engine Products - Europe segment increased $40.4 million, or 48.7%, in the three months ended June 28, 2026 compared to the three months ended June 29, 2025, and increased $64.2 million, or 39.5%, in the six months ended June 28, 2026, compared to the six months ended June 29, 2025, in each case, primarily due to output increase linked to the strong end market, including OEM build rates. Adjusted cost of sales in both the three and six months ended June 28, 2026, increased broadly in proportion to the increase in revenue compared to the three and six months ended June 29, 2025.

The increase in sales has dropped through to segment adjusted EBITDA at 25.7% in the second quarter of 2026, and 29.1% in the six months ended June 28, 2026. This resulted in an increase in segment adjusted EBITDA margin of 80 basis points in the second quarter 2026 compared to the second quarter 2025, and an increase of 230 basis points in the six months ended June 28, 2026 compared to the six months ended June 29, 2025.

Capital expenditure is expected to remain elevated, with additional investments in capacity expansions to accommodate increased customer demand and delivery of two IGT Strategic Customer Partnerships.

Engine Products - North America

Gross segment revenue for the Engine Products - North America segment increased $21.9 million, or 29.0%, in the second quarter of 2026 compared to the second quarter of 2025, and increased $43.2 million, or 30.6%, in the six months ended June 28, 2026 compared to the six months ended June 28, 2025, in each case, primarily attributable to increased output following investments in capacity increases. Our facility in Groton, CT, is benefiting from the installation of new capital equipment as production continues to ramp up. Adjusted cost of sales for Engine Products – North America in both the three and six months ended June 28, 2026, increased at a lower rate than the increase in revenue compared to the three and six months ended June 29, 2025 reflecting the operational leverage impact of the revenue increase.

The increase in sales has dropped through to segment adjusted EBITDA at 28.3% in the second quarter of 2026, and 27.3% in the six months ended June 28, 2026. This resulted in an increase in segment adjusted EBITDA margin of 340 basis points in the second quarter 2026 compared to the second quarter 2025, and an increase of 330 basis points in the six months ended June 28, 2026 compared to the six months ended June 28, 2025.

Segment adjusted EBITDA was $22.0 million, up 51.7% year over year, driven by operating leverage from volume growth and value-based pricing.

Capital expenditure is expected to remain elevated, with additional investments in capacity expansions to support market growth and our two Aero Strategic Customer Partnerships including the building of a greenfield superalloy facility in Alabama.

Turbo Wheels

Gross segment revenue for the Turbo Wheels segment increased $1.0 million, or 2.1%, in the three months ended June 28, 2026 compared to the three months ended June 29, 2025, and decreased $0.6 million or 0.6% in the six months ended June 28, 2026 compared to the six months ended June 29, 2025, largely due to lower revenue from Ivostud (business held for sale). Excluding Ivostud, revenue grew 8% in the three months ended June 28, 2026 and 5% in the six months ended June 28, 2026, with market share gain in a flat market and favorable mix changes.

Segment adjusted EBITDA decreased $2.0 million, or 55.6%, in the three months ended June 28, 2026 compared to the three months ended June 29, 2025, and decreased $3.4 million, or 50.7% in the six months ended June 28, 2026 compared to the six months ended June 29, 2025, primarily due to a loss at Ivostud of $1.4 million and $1.3 million respectively.

Segment adjusted EBITDA margin decreased approximately 430 basis points in the second quarter of 2026 compared to the second quarter of 2025 and decreased approximately 360 basis points in the six months to June 28, 2026 compared to the six months ended June 29, 2025. Excluding Ivostud, segment adjusted EBITDA margin was 8.0% in the three months ended June 28, 2026, a decrease of approximately 310 basis points compared to the second quarter of 2025.

The following table reconciles Total Segment Adjusted EBITDA to Net Loss for the periods presented:

About DPC Holdings

DPC Holdings (“Doncasters”) is a leading independent manufacturer of complex, highly engineered precision cast components and nickel‑ and cobalt-based superalloys primarily serving the high growth Aerospace and IGT end markets. We primarily manufacture products that operate across some of the most in-demand aeroengine and gas turbine platforms, and through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers’ most complex casting challenges. Doncasters operates 14 advanced manufacturing facilities across North America, Europe, the United Kingdom and Asia, serving a broad blue-chip client base worldwide and maintaining a leading position in specialist manufacturing and casting of superalloys.

Forward-Looking Statements

This press release contains forward-looking statements. Many statements included in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about: the projected and/or anticipated future financial performance of the Company and our specific businesses, including as delineated in our forward-looking guidance (including, without limitation revenue, revenue growth rates and drivers, capital expenditures, metal pricing; earnings per share, and EBITDA); our market opportunity and the potential growth of the market; our strategy, outcomes, and growth prospects; trends in our industry and end markets; the competitive environment in which we operate; potential new products and product innovation; our expectations regarding future events, growth, growth drivers, expansion or performance, including demand for our products and third-party relationships; historical results that may suggest trends for our business; expectations of retaining and/or attracting new customers; expectations of beliefs regarding future events; and assumptions underlying any of the items mentioned herein. We caution you that the foregoing list may not contain all of the forward-looking statements made in this press release.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: our failure to manage our growth effectively and our ability to achieve and maintain profitability; our ability to grow revenue and expand our market share across the Aerospace, IGT, and Transportation end markets; our ability to convert our firm order backlog into revenue at anticipated build rates, and the risk that customer program delays, design changes, or cancellations could result in orders not being converted at the times or volumes we currently expect; our ability to deliver incremental annual revenue in excess of projections from our signed strategic customer partnerships when operating at full run rate; our ability to expand and deepen our strategic customer partnerships with leading Aerospace and IGT OEMs, including the ability to secure additional partnerships beyond those already signed; our ability to renew, renegotiate, and maintain our long-term agreements with key customers on commercially acceptable terms as such agreements approach expiration; our ability to expand our capacity and bring new manufacturing capabilities online on time and on budget, including through capital investments funded in part by our OEM customers; our ability to achieve and sustain margin expansion through operating leverage, value-based pricing, and operational efficiency initiatives, and to approach the margins of our larger industry peers over time; our expectation that volume growth will generate operating leverage and that incremental revenue will convert to earnings at margin-accretive rates; our ability to grow aftermarket revenue in both our Aerospace and IGT end markets as the installed base of engines and turbines we serve expands; our ability to obtain, maintain, protect and enforce our intellectual property and similar proprietary rights; our ability to prevent system failures, cyberattacks, and security breaches that may threaten the integrity of our intellectual property, networks, products and other sensitive information, disrupt our business operations, and result in reputational harm and other negative consequences; our expectation that our Turbo Wheels business will continue to serve as a significant source of cash generation to fund investment across our Aerospace and IGT platforms; our ability to generate sufficient cash flow to fund continued organic investment and to pursue disciplined acquisitions that accelerate our strategy; our ability to identify, consummate, and successfully integrate potential acquisitions; our expectations regarding the growth of the Aerospace and IGT end markets and the demand super cycles we believe are driving those markets; our expectations regarding OEM production rates, aircraft delivery volumes, and electricity demand growth and their effect on demand for our products; our ability to attract, develop, and retain key management, engineering, and skilled manufacturing personnel necessary to execute our growth strategy and capacity expansion program; our ability to service and manage our indebtedness and maintain adequate liquidity; our expectations regarding the factors that will continue to affect our results of operations, including macroeconomic conditions, foreign currency fluctuations, inflationary pressures, supply chain disruptions, and movements in interest rates; our expectations regarding the use of the net proceeds from the IPO and the two concurrent private placements; our intention not to pay cash dividends on our ordinary shares for the foreseeable future; our estimated total addressable market across the Aerospace, IGT, and Transportation end markets; our inability to manage indebtedness, access additional financing sources, or maintain liquidity; our ability to manage the transition to being a publicly traded company, including the implementation of public company reporting, compliance and governance requirements, while simultaneously executing our strategic growth and capacity expansion program; and the other factors set forth under “Risk Factors” detailed in Company’s Prospectus filed pursuant to Rule 424(b) under the Securities Act, as amended, which was filed with the U.

Lucy Sharma
DPC Holdings Investor Relations
InvestorRelations@doncasters.com